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Companies Act Compliances

Certain Documents/Information are mandatory to be prepared by a Company and filed with Ministry irrespective of its size, operations and nature of business. These documents include Board Minutes, General Meeting Minutes, Notice of General Meeting, Statutory Registers, Disclosures by Directors, Appointment of Auditors, Financial Statements, Annual Reports, Audit Reports, etc. While the majority of small businesses do not fulfil their compliance requirements in their opening years, they end up paying heavy penalties (up to Rs. 1 lakh a year) for failing to do so. In the worst scenario, such companies and their directors are even blacklisted for a short period of time.

Advantages

Positive Results

Compliance with these requirements may produce positive results at several levels which benefits the employees and customers as well as the company’s overall output with an affirmative response.

Healthy Returns

Companies having positive ethics within their culture may enjoy healthy returns through customer loyalty and public respect for their brand, which can translate into higher shareholder returns.

Internal Control

The companies that go the extra mile with the aim of improving their ethics and compliance programs lay the strong foundation for an effective internal environment control.

Process

Filingenie will understand client requirements for compliances

Draft the required documentation as per client need.

Upload the documents with MCA/Handover the papers to client

FAQs

What are the penalties for non compliance?

Default

Who shall be liable

Penalty

Report on Annual General Meeting with MCA

Company and every officer of the company

Company - not less than Rs. 1 lakh , not more than Rs. 5 lakh. Every officer- not less than Rs.25000, not more than Rs.1 lakh

Disclosure of Financial Statement in Board's Report

Company and every officer of the company

Company - not less than Rs.50 lakh not more than Rs.25 lakh. Every officer- not less than Rs.50000, not more than Rs.5 lakh, Imprisonment- 3 years

Financial Statement with MCA

Company and every officer of the company

Company - not less than Rs.1000 per day not more than Rs.10 lakh. Every officer- not less than Rs.1 lakh, not more than Rs.5 lakh, Imprisonment- 6 months

Failure to File Annual Return

Company and every officer of the company

Company - not less than Rs.50000 not more than Rs.5 lakh. Every officer- not less than Rs.50000, not more than Rs.5 lakh, Imprisonment- 6 months

Filing of resolutions

Company and every officer of the company

Company - not less than Rs.5 lakh not more than Rs.25 lakh. Every officer- not less than Rs.50000, not more than Rs.5 lakh.

Minutes of General Meetings,Board and Committee Meetings

Company and every officer of the company

Company - Rs.25000
Every Officer - Rs. 5000

Notice of AGM alongwith statement

Company and every officer of the company

Company - Rs. 10000 Every Officer - not more than Rs. 50000 or 5 times the amount of benefit accruing to the officer, whichever is more.

Failure to Register Charges with MCA

Company and every officer of the company

Company - not less than Rs.1 lakh not more than Rs.10 lakh. Every officer- not less than Rs.25000, not more than Rs.1 lakh, Imprisonment- 6 months

Default in Maintaining Register of Members

Company and every officer of the company

Not less than Rs. 50000 not more than Rs. 3 lakh

Return with MCA for Promoter Stake Change

Company and every officer of the company

Not less than Rs. 10000

Appointment of Auditors

Company and every officer of the company

Company - not less than Rs.25000 lakh not more than Rs.5 lakh. Every officer- not less than Rs.10000, not more than Rs.1 lakh, Imprisonment- 1 year

What is the preservation period of register of members and annual return under the companies Act, 2013 ?

In terms of Rule 15 of the Companies (Management & Administration) Rules, 2014, the register of members along with the index shall be preserved permanently. Copies of annual returns and copies of all certificates and documents required to be annexed thereto shall be preserved for a period of eight years from the date of filing with the Registrar.

As per second proviso to section 128(1), companies may keep books of accounts in electronic form whereas rule 3 of the Companies (Accounts) Rules, 2014 requires companies to maintain books of accounts compulsorily in electronic form. Needs clarity.

Second proviso to section 128 (1) provides that the company may keep the books of accounts or other relevant papers in electronic mode in the prescribed manner. Rule 3 of the Companies (Accounts) Rules, 2014 provides the manner of keeping the books of account in electronic mode. Therefore, the keeping of books of accounts in electronic mode is optional.

What is the relevant financial year, with effect from which the provisions of the new Act relating to maintenance of books of account, preparation, adoption and filing of financial statements (and attachments thereto), Auditor’s report and Board's report will be applicable.

As per MCA Circular No.08/2014 dated 4th April, 2014, the financial statements (and documents required to be attached thereto), Auditor’s report and Board’s report in respect of financial years that commenced earlier than 1st April, 2014 shall be governed by the relevant provisions/ Schedules/ rules of the Companies Act, 1956 and that in respect of financial years commencing on or after 1st April, 2014, the provisions of the new Act shall apply. This means that the financial statements etc for the year ending 31st March 2014 shall be prepared as per Companies Act, 1956 and those for the year ending 31st March 2015 and thereafter shall be prepared as per the Companies Act, 2013

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Srikrishna BhamidipatiMD-Avance Technologies Limited

Filingenie has demonstrated they are a professional, dedicated and customer focused.

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Our service gamut includes a varied range of advisory and assurance products specifically designed to meet and assist an organization in all its decision making processes ranging from incorporating a new Company to undertaking corporate advisory and structuring/re-structuring activities.